Buying call and put option just before election results

I read in the Options module by Varsity that one of author’s friend made 14 times the return assuming the Nifty will go up as a result of election of a strong majority govt. at the Centre.
Using that same logic, if i buy equal amount of call options few points above and buy put options below few points that day’s nifty closing point,
will I be able to make same amount of return with a limited loss?
Please point out the fault in my strategy.

These are OLD Stories and these situations don’t exist any more.

Moreover, during high volatility most retail trading platforms get stuck and do not allow you to square off positions, which is crucial to profit from such strategies.


This strategy is called long Srtangle .i.e slightly buying out of the money calls and puts…In theory and on paper this looks good, however practically to get profit from it is really very difficult. before the elections options prices will already be bloated due to high IV… …If you purchase options with high premium and IV decreases, your option will lose pemium even if the underlying moves in favourable direction